FG Plans New Agribusiness Mechanism to Crash Price of Rice, Beans, Others
- The National Agribusiness Policy Mechanism will be introduced by the federal government
- This seeks to stabilise food prices, increase agricultural output, and promote economic expansion
- The NAPM seeks to improve outdated farming practices, inefficient subsidies, and food inflation
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
To boost agricultural output, stabilize food prices, and stimulate economic growth, the Federal Government plans to introduce the National Agribusiness Policy Mechanism (NAPM).
Source: UGC
The NAPM is a component of larger programs designed to use data-driven policy and public-private partnerships to modernise the nation's agriculture industry.
Vice President Kashim Shettima stated that the program will use real-time data analytics to coordinate agricultural efforts across all levels of government during a meeting of the Presidential Food Systems Coordinating Unit (PFSCU) Steering Committee held at the Presidential Villa in Abuja on Friday.
“The Green Imperative Project (GIP) is an idea whose time has come. It has been in the incubation period for several years, and now it is coming to fruition; we have to get it right.
“We have had many interventions in this country in the past. We must make this work, and it’s the states that will drive the process,” the Vice President said.
The Green Imperative Project (GIP), a $1.1 billion program signed on March 17, 2025, between Nigeria and Brazil, aims to modernize 774 mid-sized Nigerian farms with Brazilian agricultural technologies, generating employment and increasing production nationwide.
The National Emergency Management Agency (NEMA) has been given N15 billion by President Bola Tinubu to prepare for floods as the rainy season begins, VP Shettima added.
“This is one of the first proactive decisions by the government to prepare for the flooding season,” the Vice President noted.
Marion Moon, PFSCU's Executive Secretary and Technical Assistant to the President on Agriculture, previously clarified that NAPM seeks to solve issues of excessive food prices and agricultural output that fall 60% short of worldwide averages.
According to her, the NAPM pilot survey has been finished in 13 states, and the full rollout is scheduled for June 2025.
The NAPM aims to address food inflation, ineffective subsidies, and antiquated agricultural methods by providing the nation with a uniform framework to maximize public spending and promote sustainable rural development. It is backed by data analytics collaborations and a digital platform that is currently being developed.
Governors Umar Namadi of Jigawa State and Biodun Oyebanji of Ekiti State were among those in attendance, as were Deputy Governors Patricia Onyemaechi Obila of Ebonyi State and Umar Kadafur of Borno State.
Dealers adjust prices as foreign rice hits Nigerian market
Legit.ng reported that Nigerians may experience some reprieve again in the prices of foreign parboiled rice following a global glut in major producing countries.
The price crash is due to oversupply in India, the world’s largest producer. For the second season, this has increased global stockpiles, forcing rice prices to their lowest in 15 years.
Since February, prices of local and foreign rice have reduced and remained relatively stable.
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Source: Legit.ng
